Bongo: Maltaaba Community Bank records healthy performance, makes over 300% profit increase

Maltaaba Community Bank, a community Bank Operating in the Bongo District in the Upper East Region, has raked GhC138, 778.00 in the 2020 fiscal year.

The amount represents an over 300% increment from the 2019 profit of Ghc66, 828.00 which was declared as a loss due to high non-performing loans. Despite the emergence of the Coronavirus disease (COVID-19), the bank made significant gains across board.

Apart from the profit before tax hitting more than a 300% increase, the bank’s loan portfolio grew at Ghc3.1 million in 2020, an increase of 23.5% from the 2019 year’s growth of Ghc2.5 million.

Also, total deposits ended the financial year of 2020 at Ghc12.0 million, up by 65% on the balance of the 2019 year of Ghc7.3 million with total Consolidated assets standing at Ghc13.996 million as of 31st December 2020, up by 57.6% from Ghc8.87 million in 2019.

Speaking at the Annual General Meeting of the Bank held on Saturday, May 15, 2021, Chairman of the Board of Directors, Mr Francis Atintono noted that the bank recorded a healthy performance in key results areas adding that the marked increase can be attributed to far-sighted management.

According to him, the bank was rated satisfactory by the Bank of Ghana and strong by the Efficiency Monitoring Unit (EMU) of Apex Bank Limited.

“Despite the very challenging year by most financial institutions, your bank continued to record reasonably healthy performance in key results areas. The bank increase the profits from Ghc66, 828.00 losses recorded in 2019 to Ghc138, 778.00 before tax in 2020.

"The marked increase can be attributed to far-sighted management of resources and commitment at all levels of our operation. In fact, there were many positives in the Bank’s 2020 financial results”

He continued by stating that "based on the outstanding performance during this challenging years, Maltaaba was Rated satisfactory by the Bank of Ghana and Strong by the Efficiency Monitoring Unit (EMU) of the Apex Bank”.

On his part, the Manager of Maltaaba Community, Felix Akwaara noted that the decision to extend the bank’s services to the regional capital Bolgatanga is largely fueled by good cooperate governance.

“I think that with Cooperate governance, I will say that our growth as a bank is as a result of our good cooperate governance system in the bank. We have mobilization centres in Zorkor, Soe and Namoo but that of Bolga is a full branch.

"We think that going to Bolga is something that will also help us also expand. This is our 10th year as a Bank and every Institution looks out for growth and we think that going to Bolga will help us increase our assets, increase our growth and our deposits where we can also render our services to the community and all the people in Bolga,” he disclosed while expressing optimism of expansion beyond the regional capital.

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